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China Declares All Cryptocurrency Transactions Illegal
CNBC: China’s central bank says all cryptocurrency-related activities are illegal, vows harsh crackdown
* The People’s Bank of China said services offering trading, order matching, token issuance and derivatives for virtual currencies are strictly prohibited.
* Overseas cryptocurrency exchanges providing services in mainland China are also illegal, the PBOC said.
* It’s not the first time China has gotten tough on cryptocurrencies.
Earlier this year, Beijing announced a crackdown on crypto mining.
China’s central bank renewed its tough talk on bitcoin Friday, calling all digital currency activities illegal and vowing to crack down on the market.
In a Q&A posted to its website, the People’s Bank of China said services offering trading, order matching, token issuance and derivatives for virtual currencies are strictly prohibited.
Overseas crypto exchanges providing services in mainland China are also illegal, the PBOC said.
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WNU Editor: More signs that China is reigning in its economy.
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